Gay and lesbian internet portal PlanetOut (NSDQ: LGBT) announced this evening that it is exploring strategic alternatives, including a possible sale. The company has been struggling for some time, and has seen its stock price fall precipitously in the past year. In its most recent quarter, the company said that its revenue had slipped and that its losses had widened dramatically, from $1.5 million to $4.8 million. In October, it took a significance loss on the sale of tour operator RSVP Vacations, in an attempt to refocus on its core business. It now sports a market cap of around $25 million. In the meantime, the company plans to go dark; it will no longer hold earnings conference calls or give future guidance. From here on out, all communications with investors will be made through its SEC filings. PlanetOut, which has hired Allen & Co. for the process, warns that it may not be successful in exploring a sale.

SEE ALSO: Earnings: PlanetOut Q3 Revenues Decline 2 Percent As Net Losses Widen

Warnings of the company’s demise have grown louder as its financial condition deteriorated. Early last year, it said it had hired Allen & Co. to help it raise money and stave off bankruptcy. As of its last quarter, the company has $11 million, not very much considering its recent loss rate.
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